Garage sales or private automobile sales are great examples of caveat emptor. Caveat emptor means to "let the buyer beware." In other words, consumers could be purchasing defective goods with no recourse for refund or replacement.Continue Reading
When an individual decides to purchase a car in a private transaction, the seller of the car is not held to the same regulatory standards as a car dealership. It is the buyer's responsibility to do all the research regarding the car he is purchasing and to thoroughly inspect the car for any defects. If the buyer purchases the car and the engine fails a few days later, the seller is not responsible for the necessary repairs.
Another example would be purchasing an appliance from a thrift store. If the appliance is purchased brand new, it likely comes with an implied or expressed warranty that the appliance will work. If it fails to live up to its promised standard, the buyer can return the appliance at the place of purchase for a full refund. However, purchasing that same appliance from a thrift store means there is no guarantee that the appliance will work, and it is sold "as is." The buyer must beware that the appliance could be defective.Learn more about Law